Mumbai: Tata Group companies holding firm, Tata Sons Wednesday said that it will take appropriate legal recourse after thee NCLAT restored Cyrus Mistry as its Executive Chairman.
October 24, 2016, the Tata Sons Board had ousted Mistry and appointed Ratan Tata as the interim Chairman. However, after three years, Mistry Wednesday made a comeback via a NCLAT order restoring him as the Executive Chairman of the conglomerate.
“Tata Sons has received and is analysing the order of the National Company Law Appellate Tribunal,” Tata Sons said in a statement.
“It is not clear as to how the NCLAT Order seeks to overrule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings.”
As per the statement, the NCLAT order appears to go even beyond the ‘specific reliefs’ sought by the Mistry. “Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse,” it said.
Giving its order on the matter, a two judge bench headed by SJ Mukhopadhaya said that the Mistry’s restoration order will be operational after four weeks and the Tata Group can appeal in the Supreme Court during this period.
In a major turn of events, the NCLAT Wednesday ordered the restoration of Cyrus Mistry as the Chairman of Tata Group while holding the appointment of Natarajan Chandrasekaran as the Executive Chairman as illegal.